The Federation of Small Businesses (FSB) has urged local councils in England to ensure the speedy issuance of vital small business grants to firms that require them.
The business group found that councils across England have distributed on average 92 per cent of the funds. However, only 23% of councils across England have issued 100% of funds to businesses. Around £1.5bn of funds remain unspent. So, the FSB called on the Treasury to issue another 5% (£617m) discretionary fund to help those left out.
The FSB has urged all local authorities to expedite the issuance of funds, whether it be the Discretionary Grant Fund or the Small Business Grants Fund.
The FSB is also urging small firms to sign up for coronavirus (COVID-19) small business grants as the deadline for applications approaches.
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Commenting on the issue, Mike Cherry, National Chairman of the FSB, said: “Small businesses have been through what for many has been and will be the most difficult period they have ever faced, and while things are slowly starting to improve, we’re not out of the woods yet.”
“That is why we are making this call for small firms to apply as soon as possible so that they don’t miss out on grant funding that could prevent a business from going under.”
“But to access these funds, small firms rely on their local councils to distribute the money in a fast and timely manner.”